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SEC warns against cash payments over €10,000

July 18, 2018 at 12:13pm
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The Securities and Exchange Commission has warned that accepting cash of €10,000 or more for precious stones, vehicles, works of art or antiquities is a criminal offence.

In a circular posted on its website on Wednesday, it said that under article 5 A of the 2007 law on money laundering, the restriction applies irrespective if the money is paid in one or more instalments to people who trade in precious stones and/or metals, motor vehicles, works of art and/or antiques as part of their business activities.

Breaking the law is punishable with a fine not exceeding 10% of the money accepted in cash.